Feb 21, 2024

Selling Property in the Czech Republic

Are you thinking about selling an apartment, family house, or land in the Czech Republic, but are unsure about all the steps you need to take for a smooth transaction and to get the best price?

In this article, we’ll guide you through the process of selling property.

Right from the start, it’s important to mention that if you decide to sell property in the Czech Republic entirely on your own, that is, without the help of a real estate agency, you’re in for a quite challenging time. Many people believe that selling “by themselves” will lead to higher profits because they won’t have to pay for a real estate agent’s services.

However, this is rarely the case. Even after paying commissions etc., a reputable real estate agency can help determine a better value for your property, promote it effectively, and find suitable buyers, leaving you with more money. The important factor here is that you must work with a quality, reputable real estate agency. However, if you do decide to try and sell your apartment, family house, or land on your own, let’s explore how to sell property without involving a real estate agent.

Setting the price

The first question that comes to anyone’s mind when selling property is undoubtedly what price to sell at. Setting this price isn’t the easiest of tasks, especially if you’re not familiar with the real estate market. Some ways you can go about this is to look through existing ads offering similar properties in your area, use online property price calculators, download specialized Czech databases designed for this purpose, or check the land registry. These resources will give you an idea of the kind of price you can offer your property at in the Czech Republic.

However, be aware that this doesn’t guarantee you will be able to sell your property at that price. The estimated price is not final. The real estate market in the Czech Republic is a dynamic entity that is constantly evolving, and what held true a month ago might not be the case today. Additionally, you might overlook crucial details that impact the property’s estimated value.

Given that determining the property’s selling price is quite complex, it’s wise to obtain a professional valuation. Most real estate agencies offer this service, and its cost in the Czech Republic the cost ranges from 2,000 to 5,000 Czech crowns, depending on the property type. This will give you a very accurate price estimate, making it a meaningful investment. If you do evetually decide to use a real estate agent for the sale, property valuation is often free.

Paperwork when selling property in the Czech Republic

Before excitedly posting your ad, it’s a good idea to ensure you’ve covered all the property-related requirements. For selling land, make sure you are certain of its type (meadow/field, building plot, garden, etc.) or the zoning plan. If you’re selling a family house, check the land registry to verify if everything matches the actual state of the property. Also, make sure unexpected surprises like an unapproved garage in the backyard don’t catch you off guard.

Additionally, ensure you have all the necessary property documents, especially proof of ownership, land registry documents, acquisition title, and potentially an energy performance certificate. A slightly more complicated situation arises if you haven’t fully paid off any mortgage you have on your property.

Making Your Property Shine

Once you know the price at which you want or can offer your property on the Czech real estate market, and all the necessary aspects are in order, it’s time to prepare the house, apartment, or land for sale. This way, you can present it in the best possible light in your advertisement (and later during viewings).

It’s worth giving your property a thorough clean, investing in minor repairs, and even repainting the apartment or house (ideally in white to create a clean look). You can also mow the lawn and clear away any clutter from the garden.

While it’s fine to carry out some basic improvements by yourself, to increase the attractiveness of your apartment or house even as much as possible, consider enlisting the help of experts in home staging. Interior designers can make your property more inviting, attracting even more potential buyers. If you’re selling property on your own in the Czech Republic, you can find companies specializing in home staging online. If you’re working with a real estate agency, they can point you in the direction of experienced interior designers.

Capturing images with a camera and drone

Now it’s time to gather visual material for your ad. It’s not a good idea to casually snap photos of the apartment or house with your phone. Firstly, you should take pictures when the lighting is at its best (to create an airy feeling and visually larger space). Secondly, investing in a quality camera is very worthwhile here. It’s definitely worth the investment of entrusting your visual advertisement material to a professional who specializes in real estate photography. Additionally, when selling a house with a garden or land, aerial photos or videos taken with a drone are very popular these days.

Then, there’s the “small” matter of crafting the text for your advertisement. In addition to providing technical details about your property, mention interesting features that might seem insignificant at first glance but actually enhance the appeal of the ad. For instance, if you’re selling an apartment suitable for a family, it’s worth mentioning how close it is to a playground or kindergarten. For smaller apartments mainly targeted at younger individuals or couples without children, highlighting nearby restaurants or cultural amenities could be helpful. However, keep in mind that the aim is not to write an exhaustive document – remember that overly lengthy ads are rarely read to the end.

Where to place it?

You should place your advertisement on the most visited Czech real estate websites (such as sreality.cz and others). Some of these platforms offer a service called “topování,” which keeps your ad in prominent positions on the page for an additional fee. It’s definitely worth considering paying for this service; otherwise, your ad might get lost among others, and only a small number of potential buyers will see it. Don’t forget about social media either – ask your friends to share your ad as much as possible.

Still, it’s important to note that the information about your property being for sale might not reach as many people as it would if you were using a Czech real estate agency. Their staff members know how to grab attention with an ad, where to promote it, and more. Plus, they don’t just wait for inquiries to come in – they actively seek out potential buyers and actively present the property to their clients.

When interested buyers enter the scene

So now, your advertisement is successful and potential buyers are reaching out? Fantastic! Be prepared that they’ll want to view the property. During these viewings, always try to highlight aspects that are attractive to the specific buyer (foor example, a family with kids might appreciate a safe and spacious garden, proximity to schools and kindergartens, while an older couple might value a peaceful location, or a young couple might focus on accessible public transport).

However, always keep your safety in mind – after all, you’re allowing strangers into your home or apartment. Although the chances are slim that any of them have unpleasant motives, it’s best to remain cautious.

Also, expect that the price of the property will come up for discussion at some point. Since the price listed in the ad is usually not final, be prepared for negotiations. If you know you can’t go below a certain price, stand your ground. It’s understandable that buyers want to get the property as cheaply as possible, but they also need to realize that your goal is the opposite. In this regard, the situation is easier if a real estate agent is selling the property on your behalf; their experience allows them to estimate how far they can push the price and how to achieve the highest possible sale value for you.

Finally, success!

If you’ve found a buyer and you’ve agreed on the price, you can now move to the last step – the actual property sale itself. You should entrust contracts and other important documents for property sale in the Czech Republic (such as a handover protocol) to a property lawyer specialized in this area. Definitely do not attempt to draft them yourself or copy them from the internet!

The lawyer will also facilitate the safekeeping of financial funds (escrow) during the period before the transfer is completed in the land registry. Escrow services are also offered by real estate agencies or certain banking institutions.

In conclusion, then, selling property in the Czech Republic on your own can be a lengthy and complex process. That’s why it’s worthwhile to entrust the sales process to experts from a real estate agency. You’ll be able to get a lot of worries and stress off your plate, and most importantly, you’ll have the assurance that you’re selling your apartment, house, or land for the highest possible price.

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